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Konga Rolls Out Warehousing Infrastructure Across Nigeria

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  • Konga Rolls Out Warehousing Infrastructure Across Nigeria

Konga on Monday said it was rolling out an extensive warehouse infrastructure project, ‘Fulfilled by Konga’, across Nigeria to service over 60,000 online merchants.

The company said that the project would enable thousands of Nigerian online sellers, who currently sell through Konga, to store their merchandise in Konga warehouses and subsequently have the orders delivered by Konga’s in-house fulfillment team.

According to it, the new initiative is set to reduce merchant order processing times from 40 hours to three hours – 90 per cent reduction.

“‘Fulfilled by Konga’ has been introduced to significantly reduce delivery times for customers across the country, and to make order fulfillment for its 60,000 merchants easier and more reliable. At present, merchants have up to three days to drop off their items at a distribution site, where Konga’s team will go on to deliver the item on their behalf.

“With today’s news, items can be selected and shipped on the same day. For Lagos deliveries, items can be delivered within 24 hours – a service that has been ongoing for some months and has already seen a 98.5 per cent success rate,” a statement from Konga read.

Konga’s flagship distribution centre in Lagos is a 60,000-sqft warehouse and houses over 200,000 items. With the launch of ‘Fulfilled by Konga’, the online firm said that plans were now in place to double its size to 120,000-sqft.”

Speaking on the introduction of ‘Fulfilled by Konga’, the Chief Executive Officer, Konga, Shola Adekoya, said, “Konga has cemented a name for itself as an engine of commerce and trade in Africa, and the infrastructure project we are currently deploying has been developed to act as a catalyst for the entire e-commerce market in Nigeria.”

He said, “‘Fulfilled by Konga’ is a dynamic solution that makes the process of doing business easier and more effective for our tens of thousands of merchants, while our customers will benefit from far shorter waiting times for their orders.

“Warehousing and distribution is notoriously challenging in Nigeria; we have set ourselves a Herculean task of building a network of technologically advanced warehousing sites across Nigeria, that will bring speedy, cost-efficient sales solutions for our growing number of merchants looking to do business online, and will act as a considerable boost to Nigeria’s growing e-commerce sector.”

Nigeria currently ranks 90 in the world Logistic Performance Index ranking and Konga’s activities will further improve performance in this sector.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

South Africa’s iGas, PetroSA and Strategic Fuel Fund Merge to Create South African National Petroleum Company

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The South African Department of Mineral Resources and Energy (DMRE) has announced the merger of Central Energy Fund (CEF) subsidiaries iGas, PetroSA and the Strategic Fuel Fund (SFF).

The merger will be effective from 1 April 2021 and the new company will be called the South African National Petroleum Company.

The merger, driven by the pursuit of implementing a new company that has a streamlined operating model via the development of a shared services system and a common information platform, comes a few months after cabinet approval and the confirmation that PetroSA had incurred losses of R20 billion since 2014.

Additional factors which prompted the move included the determination to strengthen PetroSA which had not had a permanent CEO in five years prior to the appointment of CEO Ishmael Poolo last and, had become majorly ungainful since its failure to secure gas for the gas-to-liquids refinery project in Mossel Bay.

While the merger deadline has been set, the portfolio committee expressed reservations to the department’s likelihood of meeting the deadline, considering the existing legislative regime, pending issues raised in the SFF and PetroSA forensic reports, as well as PetroSA’s current insolvency and liquidity challenges, the official press statement on the briefing revealed.

“South Africa’s energy sector is entering a new dawn,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “With gas discoveries off the coast and the announcement of the REIPPP programme bid window 5 and 6 on the horizon, now is the most opportune time for the merger of the CEF subsidiaries. Of course, it is not an easy task and delays may be anticipated but, this move signals a real change towards a meaningful strategy that will not only be beneficial to the DMRE but to potential investors and local development as well.”

The African Energy Chamber welcomes this move and acknowledges that this is yet another step supporting the country’s determination to restarting the engines of sustainable growth and the transformation of energy policy and infrastructure.

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Crude Oil

Crude Oil Hits $71.34 After Saudi Largest Oil Facilities Were Attacked

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Brent Crude Oil Rises to $71.34 Following Missile Attack on Saudi Largest Oil Facilities

Brent crude, against which Nigerian oil is priced, jumped to $71.34 a barrel on Monday during the Asian trading session following a report that Saudi Arabia’s largest oil facilities were attacked by missiles and drones fired on Sunday by Houthi military in Yemen.

On Monday, the Saudi energy ministry said one of the world’s largest offshore oil loading facilities at Ras Tanura was attacked and a ballistic missile targeted Saudi Aramco facilities.

One of the petroleum tank areas at the Ras Tanura Port in the Eastern Region, one of the largest oil ports in the world, was attacked this morning by a drone, coming from the sea,” the ministry said in a statement released by the official Saudi Press Agency.

It also stated that shrapnel from a ballistic missile dropped near Aramco’s residential compound in Eastern Dhahran.

Such acts of sabotage do not only target the Kingdom of Saudi Arabia, but also the security and stability of energy supplies to the world, and therefore, the global economy,” a ministry spokesman said in a statement on state media.

Oil price surged because the market interpreted the occurrence as supply sabotage given Saudi is the largest OPEC producer. A decline in supply is positive for the oil industry.

However, Brent crude oil pulled back to $69.49 per barrel at 12:34 pm Nigerian time because of the $1.9 trillion stimulus packed passed in the U.S.

Market experts are projecting that the stimulus will boost the United States economy and support U.S crude oil producers in the near-term, this they expect to boost crude oil production from share and disrupt OPEC strategy.

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Crude Oil

A Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site

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Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site

Two residents from the eastern city of Dhahran, Saudi Arabia, on Sunday said they heard a loud blast, but they are yet to know the cause, according to a Reuters report.

Saudi’s Eastern province is home to the kingdom’s largest crude oil production and export facilities of Saudi Aramco.

A blast in any of the facilities in that region could hurt global oil supplies and bolster oil prices above $70 per barrel in the first half of the year.

One of the residents said the explosion took place around 8:30 pm Saudi time while the other resident claimed the time was around 8:00 pm.

However, Saudi authorities are yet to confirm or respond to the story.

 

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